10/03/2008
3 good men to the rescue
This is the price for keeping quiet and not complaining and allowing corporate abuses to continue for so long. Now with people losing their nest eggs, 3 good men are appointed to clear the shit. Gerard Ee of NKF fame, Law Song Keng and Hwang Soo Jin were appointed as watchdogs in the finance industry.
It could be worst! Now we have 3 knights to the rescue. Anyone still harping that Singaporeans should remain dumb and quiet and all things are in good hands? Why do we have CEOs, Chairmans and Board of Directors? Aren't they are the one responsible for good corporate governance, good business practices, good corporate citizens and good ethical practices? Apparently they have failed. Now instead of self regulations, they have succumbed to greed and allowed unethical business practices to go on under their watch. I personally have seen many such dubious conducts in practice and have fought a few cases.
Corporate misconducts are rampant to say the least. And often they must have the go ahead from very high level, to protect bottom lines. Do we have to appoint committees to watch over the watchdogs? It would be ridiculous. The appointing of watchdogs is already ridiculous. Can't we depend on the honesty and righteousness of corporate bigwigs to do the honourable? Or in our long run towards economic progress we have appointed thieves and thugs to high places when common decency and morality have been thrown into the longkang?
Bernie Sanders, a US Congressmen, was in the news last night commenting about the current US financial crisis and the bailout plan. He was angry that the US govt is putting money into the hands of people who created the mess. It was like appointing foxes to guard the hen house, so he said.
10/02/2008
Myth 190 - It could be worst
I am sure all Singaporeans are familiar with this myth. It could be worst. The current EMA raising electricity tariff by 21%. If not because of EMA and their buy forward policy, it could be worst.
The raising of bus and MRT fares, it could be worst, or it could be more.
The economy slowing down. It could be worst.
Our high cost of living. It could be worst.
We are all so lucky to be in good hands.
When the rebates stop coming
Landed properties owner can expect to pay between $570 to $1209 more for utilities this year, according to Today, or a monthly average of $78 for electricity. That should be chicken feat as these are the rich people. The increase is definitely affordable.
For those in 3 rm and smaller HDB flats, they will receive rebates of up to $330 which should be more than enough. Bigger HDB flats will get a little lesser. So no problem also.
What if the rebates stop coming in? Looks like the hardlanders will have to be dependant on rebates for the rest of their lives.
Pressure to sell
High Notes 2 is not low risk, according to Janet Mohan of DBS. And HN2 is rated A- by Standard and Poor. In fact most of the notes sold were rated A and above. And they were high risk. Why were there so many complains that the buyers did not know that they were high risk. And for HN2, the principal is not even protected? Can such notes be sold to the Ah Peks and Ah Mahs in the hardland? Looking at their risk profile and literacy, most of them would not know what they were buying. (I am waiting for something to ask S&P to explain what they were doing.)
A letter to the Today forum by L H Tang said it all. A fresh graduate joining a bank and with a quota to fulfill to keep his job. By all means, get the sales or lose the job. And he is given the title financial consultant! And he confessed that he was 'under immense pressure to think of ways such products can be "beneficial" to them(consumers).'
Performance, performance, performance. Profits, profits and profits.
In paradise, high rewards and recognition will be given to whover can scheme something that can bring in more money. Whether suitable to the consumers, whether the consumers like it or need it, doesn't matter.
Better still if it can be made compulsory.
10/01/2008
No anger, no question, no protest
The announcement of the steep hike in electricity tariff is met with an expected silence. Not a single muffle of unhappiness. No one question why the hike is so steep, whether the formula is right, whether the mechanism in the forward purchase of oil is the best or whether there are better ways to protect the interests of consumers.
This is the best kept secret of Singapore's success. Faith and confidence that everything is in good hands. It is the best that is being done. Accept it, or it could be worst.
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